Unwind some of the loss

EGBs trade in negative territory, but have faded earlier loss.

• Bund is back at mid range 175.48, and some decent volumes have gone through, especially given UK holiday.
• BTP have lagged somewhat behind and are 1.4bp wider versus the German 10yr.
• Worth noting, that for semi core, volumes have been on the low side but we are staring to see spread being initiated, particularly in BTP.
• A third of the BTP volume has been roll related and this should start picking up towards the end of the week.
• Other peripheral, are mixed against the Bund, and best performer is Greece at 1.6bp tighter on the day.
• Bund futures are down -0.17 today at 175.51 with 10y Bund yields up 1.1bp at -0.399% and Schatz yields up 0.7bp at -0.665%.
• BTP futures are down -0.40 today at 146.38 with 10y yields up 2.8bp at 1.071% and 2y yields up 1.8bp at -0.87%.
• OAT futures are down -0.17 today at 167.43 with 10y yields up 1.1bp at -0.99% and 2y yields up 0.8bp at -0.597%.